HB1058 enacts an insurance premium tax credit for certain housing developments. The Texas Department of Housing and Community Affairs (TDHCA) would grant credits to eligible developments according to department-set criteria. The credits for a development must not surpass the total federal tax credit received by the development’s owner over ten years. The annual credit limit is $25 million, including unallocated prior-year credits and any recaptured or returned credits.
The Texas State Senate passed HB1058 on May 22, 2023 by a vote of 25 to 6. We have assigned pluses to the nays because this is government interfering in the free market, and this government subsidized housing benefits only a specific part of the population. This is also another step towards socialism as subsidized housing is a misuse of taxpayer dollars.